Updated Four-Unit
New
For Sale
$250,000
2097 Sherman Ave, North Collins, NY 14111
Four residential units include shared laundry, storage, and an upper-level apartment with in-unit laundry.
Property Size2,683 SF
Days on Market6
Property Features for 2097 Sherman Ave
General Information
Standard status
Active
Size
2,683 SF
Total Parking Spaces
5
Property subtype
Multi Family
Units
Unit Mix
3 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$36,000
Taxes and HOA fees
Annual Taxes
$5,209
Amenities
coin op laundry
in unit laundry
storage sheds
Building Details
Building Size
2,683 SF
Year Built
1880
Stories
2
Units
4
Construction
block and brick
Listing Agency:
MJ Peterson Real Estate Inc.
Listed By:
John M Fox · License #40FO1013405
(716) 481-6464
Source:
Elliman
Added: Sep 18
Last Checked: Sep 22 at 6:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MJ Peterson Real Estate Inc.
Investment Insights
Based on property information with market context.
This four-unit residential property includes three updated one-bedroom, one-bath apartments on the lower level and a three-bedroom, one-bath upper unit. The upper apartment features a bright living room, formal dining room, and in-unit laundry, while the lower units offer storage and access to coin-operated laundry. Seller-owned appliances, laundry equipment, a backup generator, and maintenance materials are included.
The building has a block and brick exterior, metal roofs, two storage sheds, and five off-street parking spaces. Improvements include electrical work, plumbing supplies and drains, furnaces, water tanks, a boiler, laundry equipment, and appliances. A long-time on-site property manager and maintenance person may be willing to continue assisting with the property. Built in 1880 and located at 2097 Sherman Ave in North Collins, NY.
The building has a block and brick exterior, metal roofs, two storage sheds, and five off-street parking spaces. Improvements include electrical work, plumbing supplies and drains, furnaces, water tanks, a boiler, laundry equipment, and appliances. A long-time on-site property manager and maintenance person may be willing to continue assisting with the property. Built in 1880 and located at 2097 Sherman Ave in North Collins, NY.
Key Highlights
- Four‑unit layout with three one‑bedroom units and one three‑bedroom unit
- Lower apartments have updated interiors, storage, and access to coin‑operated laundry
- Upper unit includes a bright living room, formal dining room, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,251
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$345,020
$345.0K
Cap Rate 7%
$246,443
$246.4K
Cap Rate 9%
$191,678
$191.7K
Market Conditions
NOI Build-Up for 2,683 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.0K $13.80/SF
− Vacancy
−$12.4K −$4.61/SF
EGI
$24.6K $9.19/SF
− OpEx
−$7.4K −$2.76/SF
NOI
$17.3K $6.43/SF
Area
Erie County, NY
Vacancy
33.44%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$345,020
Cap Rate 7%
$246,443
Cap Rate 9%
$191,678
Alternative Uses
Best Use
Multifamily LT 5
$246.4K
$215.6K – $287.5K
NOI $17,251 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$221.3K
$193.6K – $258.2K
NOI $15,491 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$586.5K
$513.2K – $684.3K
NOI $41,056 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 14111, NY
3,198
Population
1,390
Households
2.3
Avg Household Size
45
Median Age
22%
College-Educated
93%
High-School Grad
35.6 sq mi
ZIP Area
90
Density / Sq Mi
$79,474
Median Household Income
$52,808
Median Earnings
$903
Median Rent
$177,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include shared laundry, storage, and an upper-level apartment with in-unit laundry.
Where is this quadplex located?
The property is located at 2097 Sherman Ave North Collins, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Four‑unit layout with three one‑bedroom units and one three‑bedroom unit; Lower apartments have updated interiors, storage, and access to coin‑operated laundry; Upper unit includes a bright living room, formal dining room, and in‑unit laundry
